You have found an Malaysia property you wish to purchase what next?

The buying process:Real estate in Malaysia is often bought by foreigners, and with the Malaysia My Second Home programme, the government is encouraging retirees to come to Malaysia and invest in real estate.

The process for buying property in Malaysia is straightforward and well established, but we always recommend that you have legal representation from an independent lawyer in Malaysia.

After an offer is made and accepted, the terms of the offer are set down in an official signed letter.

At the same time, the purchaser pays three per cent of the purchase price as a deposit to secure the property.

This is followed by the signing of a sale and purchase agreement after 14 days, at which point a further 7 per cent of the purchase price is paid.

The remainder of the funds should be transferred and the necessary paperwork completed within three months of the initial agreement.

This is also the point at which all fees and taxes must be paid and up to date. Stamp duty is attracted onto every transfer of property deeds in Malaysia, and work on a sliding scale based upon the property value. This scale leaves the buyer paying between one and three per cent of the purchase price in stamp duty. Agent's fees, if applicable, are also paid by the purchaser.

Fees and taxes:

Your own legal fees for buying a property in Malaysia will have to be taken into account, and should amount to no more than four per cent of the purchase price.

At the other end of your time owning a property in Malaysia, there will be Capital Gains Tax to be paid, and this will vary depending on how long you have owned the property. This sliding scale starts at 30 per cent for people who have owned for less than 2 years, which then drops to five per cent for people who have owned for five years or more. This is another initiative of the Malaysia My Second Home scheme to encourage inward investment.

There are taxes to be levied on rental income on property in Malaysia, but there are also plenty of exemptions and savings, meaning that you can greatly reduce the tax burden on your income. Inheritance tax is not payable in Malaysia.

Visas, residency and work permits:

Malaysia has a modern approach to visas and residency. As a former British colony, and somewhere that retains incredibly strong links with the UK, British citizens do not need to apply for a visa to enter the country. This extends to nationals of other Commonwealth countries and the US.

Work permits are necessary for all foreigners who wish to take up employment, and are usually applied for by the employer on behalf of the employee. These are granted for periods ranging from a few months to several years, and apply only to the permit holder - dependents or partners must apply for their own permits in order to work.

Malaysia is often overlooked by overseas property investors looking to head into the markets of South East Asia, at times being ignored ahead of Thailand and China for the impressive capital gains and social development. However, Malaysia offers a lot more in the way of stability for the overseas property buyer, and will make a welcoming destination for expats and retires looking to settle there permanently.

Our Buyers Guides explain the obligatory taxes, legal fees, banks, mortgages and lawyers fees when buying overseas investments. Globespan is an International and Overseas Properties Portal. We have worked hard to ensure this is the only overseas property website you need whether purchasing or selling an overseas home.

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